Loading ...China’s Shandong Gold to buy Ghana-focused Cardinal Resources for $221 mln
By Tom Daly
BEIJING, June 18 (Reuters) – Shandong Gold Mining Co , one of China’s biggest gold producers, said on Thursday it would buy Ghana-focused miner Cardinal Resources Ltd for around A$321 million ($221 million) in cash.
The deal continues a recent M&A flurry by Chinese gold firms after spot prices for the precious metal hit their highest in more than 7-1/2 years at $1,764.55 an ounce last month, propelled by recession fears and Sino-U.S. tensions amid the novel coronavirus outbreak.
Shandong Gold, which in April agreed to splash out C$230 million ($170 million) on Canada’s TMAC Resources, said in a filing to the Shanghai Stock Exchange it had signed an agreement with Australia-listed Cardinal to pay A$0.60 per share and would acquire all the target’s equity for AS$309 million.
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